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For all those having the same problem: installing "cream" fixes it: cream.sourceforge.net Yes - this question will probably get closed - but the fact is that there is still no solution to this anywhere on the web.
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drozzyAug 11 '11 at 21:00

Answering your own question is good, but post it as an answer, not a comment, then accept it after two days.
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agfAug 11 '11 at 21:03

Are you sure that you installed the same version of 32 bit python that Vim was
looking for? I see no reason that this wouldn't have fixed your problem,
unless you somehow had a gvim exe built without python support. Anyway, I had
precisely this problem, and the obvious thing to me was that my python dll was
x64, whilst I had 32 bit vim. The solution for me was simply to build a 64
bit version of Vim. I much prefer upgrading Vim to downgrading Python. The
arguments I sent to the make file were:

I then replaced my original 32 bit gvim.exe with the 64 bit one I just built.
Everything worked perfectly. If you are worried about the hassle of the
build, don't be- it was very straightforward using visual studio 2010's
compilers, and running make from the appropriate visual studio command prompt
(x64 cross tools). I can send further instructions if needed.